India accords a high priority to expanding its bilateral trade and investment ties with Oman. The economic and commercial relations between India and Oman remain robust and buoyant. Bilateral trade, which saw a decline during 2014-15 and 2015-16, has resumed its upward trend. It rose 3.6 per cent from US$ 3.8 billion in 2015-16 to US$ 4 billion in 2016-17.

Investment flows, both ways, have also been robust, as reflected in numerous joint ventures (JVs), established both in India and Oman with estimated total investment of around US$ 7.5 billion.

Indian companies have invested in Oman in sectors like iron and steel, cement, fertilizers, textile, cables, chemicals, automotive, etc. specially in Sohar and Salalah. Oman India Fertilizer Company in Sur is a USD 969 million India-Oman joint venture in Oman between IFFCO and KRIBHCO of India and Oman Oil Company (OOC) for manufacturing of fertilizers.

India-Oman Joint Investment Fund (OIJIF), a JV between State Bank of India and State General Reserve Fund (SGRF) of Oman, a special purpose vehicle to invest in India, has been operational and the initial corpus of US$ 100 million has been fully utilized. OIJIF has raised another $ 220 million for the second tranche which is ready for investments.

Similarly, Omani business delegations also visit India to participate in exhibitions related to sectors like Health, Ceramics, IT and Electronics, etc. During 2016-17, Omani business delegations visited India to participate in Global Exhibition on Services, Vibrant Ceramics Expo and IndiaSoft IT Exhibition as well as to promote tourism and investment into Oman.

India Business Forum: Embassy of India, Muscat, organizes ‘India Business Forum’, twice in a year, to facilitate interaction amongst Indian businessmen in Oman. These Forums are useful as platforms to discuss ways of enhancing bilateral trade and investment between India and Oman.

Trade Enquiries: The Embassy regularly responds to trade queries and facilitate in linking of exporters from India or Oman to potential importers in the other country. Trade queries may be emailed at com.muscat@mea.gov.in .

ITEC:

Under the Indian Technical and Economic Cooperation (ITEC) Programme, India has been sharing its development experience, including training and capacity building, with Oman. For Oman, India has allotted 100 slots during April 2017-March 2018 for various training courses in India under ITEC Programme. India is also ready to share its experience with Oman in skill development of youth and development of small and medium enterprises. For more information, please visit: https://www.itecgoi.in/about.php